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Friday, May 29, 2015

Bank of India posts Rs 56-cr net loss

Bank of India has ended the last quarter reporting a net loss of Rs 56 crore due to weak asset quality and lower interest income.

The net profit stood at Rs 558 crore a year ago.

Net interest income (difference between interest earned and expended) declined 7 per cent to Rs 2,847 crore from Rs 3,047 crore.

On the other hand, non interest income grew 24 per cent to Rs 1,122 crore from Rs 914 crore.

Gross non-performing assets (NPA) increased to 5.39 per cent of total advances as on March end this year against 3.15 per cent as on March end last year.

Net NPAs also deteriorated to 3.36 per cent from 2.00 per cent.

For the full year as well, the net profit declined 37 per cent to Rs 1,709 crore from Rs 2,729 crore.

The BoI shares were trading down by 5.93 per cent at Rs 193 on the BSE.

Source : Thehindubusinessline


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